We’re not yet in the era where marketers can roll out personalized promotions for all shoppers. Until we get there, marketers will be well-served to deliver consistent messages in all channels. Businesses should also know that consumers are frustrated by the way personal information is being used and they have an opportunity to improve their relationship with these shoppers.
As a result of disappointment or dispute, at least 20% of consumers have switched providers in the past year. Industries which encountered the largest percentages of defection included wireless phone providers (26%), Internet service providers (21%), and retailers (22%). This kind of turnover is expensive and could be avoided if marketers changed their practices. Besides correcting an obvious problem, consumers say the best way to keep their business is to offer and promote special recognition and rewards or preferential treatment. The survey revealed that the travel and tourism industry as well as retail bankers/financial services providers are generally excelling in offering tailored services.
Consumers are willing to try a new product or service provider and use a variety of sources to obtain information on a marketer:
- Word of mouth: 79%
- Company website: 71%
- In-store information: 66%
- Online review sites or product comparison: 63%
- Print advertising 61%
An equal number (28%) of consumers surveyed by Accenture say that positive as well as negative reviews influence them.
Once a consumer is ready to buy, a marketer can still run into trouble. 59% of consumers object to bait and switch practices. Another 35% don’t want to see the same offers marketed to them more than once and 34% do not like having different offers show up in different channels. This practice makes them feel they have to check many different sources to get the best possible deal. Consumers realize that marketers are collecting personal information. After they have divulged this information, they feel that marketers can do a lot more to personalize offers. For the coming year, this is a resolution many enterprises are likely to consider.[Source: 2012 Global Consumer Pulse Research. Accenture.com. 2012. Web. 18 Dec. 2012]